{"id":253432,"date":"2021-08-31T12:00:39","date_gmt":"2021-08-31T06:30:39","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=253432"},"modified":"2021-09-17T16:28:12","modified_gmt":"2021-09-17T10:58:12","slug":"liquid-instrument","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/08\/31\/liquid-instrument\/","title":{"rendered":"SAT | The word \u2018liquid instrument\u2019 wide enough to include ICDs while \u2018Corporate\u2019 substantiates the Prospectus: States assumption \u2018stretched a bit too far\u2019"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong>Securities Appellate Tribunal (SAT):<\/strong> The Coram of Tarun Agarwala, Presiding Officer and M.T. Joshi, J. Judicial Member while allowing all the appeals on a group of appeals against a common order passed by the Whole Time Member, quashed the impugned order in so far as it relates to the appellants.<\/p>\n<p style=\"text-align: justify;\">In the present matter, an appeal was filed against an impugned order of SEBI, where the appellants were restrained from accessing the securities market directly or indirectly, in any manner and further prohibited from buying, selling or otherwise dealing in securities, directly or indirectly, or being associated with the securities market in any manner for a period of two years.<\/p>\n<p style=\"text-align: justify;\">It was alleged that the Company made misstatement in the prospectus and that the IPO proceeds were diverted and misutlised by the Company and that some amount of the IPO proceeds were disbursed to certain entities under the pretext of advances towards work contracts for IPO objectives, but in fact, no substantial work contracts were executed.<\/p>\n<p style=\"text-align: justify;\">It was alleged that the Company had no plan from the very inception to utilise the money as per the prospectus and that the Company had played a fraud upon the IPO subscribers who had trusted the management with their money to be utilized as per issue objectives.<\/p>\n<p style=\"text-align: justify;\">It was contended that the Company and its Directors have deliberately made incorrect disclosures and such misstatement in the prospectus was deliberate and part of a larger design to come out with an IPO and divert the IPO proceeds to group companies through ICDs.<\/p>\n<p style=\"text-align: justify;\">The Coram stated, \u201cWe are of the opinion that the finding given by the WTM that there is a misstatement in the prospectus which was done deliberately from the very inception in order to misuse the IPO proceeds and divert the IPO proceeds through ICDs to group companies is perverse and based on surmises and conjectures which a prudent person cannot arrive at\u201d.<\/p>\n<p style=\"text-align: justify;\">The Coram even exclaimed that the finding based on the facts were \u2018strechted a bit too far\u2019, and further stated,<\/p>\n<p style=\"text-align: justify;\"><em>\u201cIf the IPO proceeds were not utilized in the manner stated in the prospectus it does mean that the subsequent action taken by the Company indicates that there was a misstatement in the prospectus\u201d.<\/em><\/p>\n<p style=\"text-align: justify;\">The Coram opined,<\/p>\n<p style=\"text-align: justify;\"><em>\u201cThe word \u2018including\u2019 is a term of extension. It imports addition and is generally used to enlarge the meaning of the preceding words. Therefore, it could include any other debt instrument such as ICDs. \u201cLiquid instrument\u201d means an instrument which is easily tradable, ie, an instrument which is available at the drop of a hat. An instrument which can be securely, and quickly exchanged for legal tender or which can be converted to hard cash or which can be readily converted to cash. The mere fact that the word \u201cICDs\u201d was not indicated specifically in the interim use of funds in the prospectus does not mean that the interim use of funds cannot be deployed in the ICDs and can only be deployed to such instruments which were indicated in the prospectus\u201d.<\/em><\/p>\n<p style=\"text-align: justify;\">[Mohandas Shenoy Adige v. Securities and Exchange Board of India, <a href=\"http:\/\/www.scconline.com\/DocumentLink\/90V5VCiF\"><b>2021 SCC OnLine SAT 263<\/b><\/a>, decided on 26-8-2021]<\/p>\n<hr \/>\n<p style=\"text-align: justify;\"><span style=\"color: #003300;\">Agatha Shukla, Editorial Assistant has reported this brief.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Securities Appellate Tribunal (SAT): The Coram of Tarun Agarwala, Presiding Officer and M.T. Joshi, J. Judicial Member while allowing all the appeals <\/p>\n","protected":false},"author":67011,"featured_media":209781,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,11],"tags":[46862,29785,46863],"class_list":["post-253432","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casebriefs","category-tribunals_commissions_regulatorybodies","tag-ipo-subscribers","tag-law","tag-liquid-instrument"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SAT | The word \u2018liquid instrument\u2019 wide enough to include ICDs while \u2018Corporate\u2019 substantiates the Prospectus: States assumption \u2018stretched a bit too far\u2019 | SCC Times<\/title>\n<meta name=\"description\" content=\"Liquid Instrument\" 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| Dr Prannoy Roy and Radhika Roy allowed to hold position as Director and Key Managerial personnel in NDTV until the next order","author":"Bhumika Indulia","date":"June 19, 2019","format":false,"excerpt":"Securities Appellate Tribunal, Mumbai : A Coram of Tarun Agarwala (Presiding Officer) J., Dr C.K.G. Nair (Member),\u00a0 M.T. Joshi (Judicial Member), J. allowed three appeals filed by Dr Prannoy Roy, Radhika Roy and RRPR Holding Pvt. Ltd. against a common order passed by the Whole Time Member ( herein \u2018WTM\u2019)\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":288426,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/04\/03\/sat-reverses-sebis-order-in-arshad-warsis-pump-and-dump-case\/","url_meta":{"origin":253432,"position":1},"title":"SAT reverses SEBI&#8217;s order in Arshad Warsi&#8217;s pump and dump case","author":"Editor","date":"April 3, 2023","format":false,"excerpt":"Securities Appellate Tribunal: In the instant appeal filed against the ex parte ad-interim order passed by the Whole Time Members (WTM) of Securities Exchange Board of India (\u2018SEBI\u2019) in Arshad Warsi's case, the two-member bench of Tarun Agarwal, J. (Presiding Officer) and Meera Swarup (Technical Member), of Securities Appellate Tribunal,\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"SAT","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/04\/MicrosoftTeams-image-969.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/04\/MicrosoftTeams-image-969.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/04\/MicrosoftTeams-image-969.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/04\/MicrosoftTeams-image-969.png?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":241109,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/12\/23\/sat-the-strategy-of-momentum-trading-is-about-creating-its-own-momentum-inimical-to-the-interest-of-the-securities-market-and-is-violative-of-pfutp-regulations\/","url_meta":{"origin":253432,"position":2},"title":"SAT | The strategy of \u2018momentum trading\u2019 is about creating its own momentum inimical to the interest of the securities market and is violative of PFUTP regulations","author":"Editor","date":"December 23, 2020","format":false,"excerpt":"Securities Appellate Tribunal (SAT):The Bench of Justice Tarun Agarwala (Presiding Officer), Justice M. T. Joshi and Dr C. K. G. Nair Member dismissed the appeal on the ground that the trading strategy used by the appellants was violative of SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to the\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":219114,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/09\/04\/sat-representation-for-refund-made-by-the-appellants-rightly-rejected-by-sebi-as-it-did-not-indicate-the-manner-and-the-mode-of-repayment-to-the-investors\/","url_meta":{"origin":253432,"position":3},"title":"SAT | Representation for refund made by appellants rejected by SEBI as it did not indicate the manner and mode of repayment to investors","author":"Bhumika Indulia","date":"September 4, 2019","format":false,"excerpt":"Securities Appellate Tribunal (SAT): A Division Bench of Justice Tarun Agarwala, (Presiding Officer) and Dr C. K. G. Nair (Member), upheld the order passed by Securities and Exchange Board of India (SEBI) for rejecting the representation filed by the appellants. SEBI passed an order in 2015 holding that \"Kalpbut Real\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":37811,"url":"https:\/\/www.scconline.com\/blog\/post\/2016\/03\/01\/order-against-eight-out-of-twenty-two-stock-brokers-indulging-in-the-reversal-trade-practice-set-aside\/","url_meta":{"origin":253432,"position":4},"title":"Order against eight out of twenty-two stock brokers indulging in the reversal trade practice, set aside","author":"Sucheta","date":"March 1, 2016","format":false,"excerpt":"Securities Appellate Tribunal, Mumbai: In the present case, J.P. Devadhar, J. set aside the impugned ex-parte ad-interim order of Securities and Exchange Board of India (SEBI), dated February 17,2016, against 8 out of the 22 brokers who were barred from the capital market for executing reversal trades worth Rs 8100\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":243475,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/02\/06\/sat-undue-delay-is-a-mitigating-factor-while-imposing-a-penalty-under-s-15j-of-the-sebi-act-appeal-allowed\/","url_meta":{"origin":253432,"position":5},"title":"SAT | Undue delay is a mitigating factor while imposing a penalty under S. 15J of the SEBI Act; Appeal allowed","author":"Editor","date":"February 6, 2021","format":false,"excerpt":"Securities Appellate Tribunal (SAT): Justice Tarun Agarwala, Presiding Officer, Dr C.K.G. Nair, Member Justice and M.T. Joshi, Judicial Member affirmed the impugned order directing each of the appellants to pay a sum of Rs 1 lakh to the respondent within four weeks from the day of the order. 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